Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 2.03% against the USD and closed at USD50.37 on Friday, on rising hopes that OPEC and other oil producing nations would agree to extend output cuts in a meeting scheduled this week.
Meanwhile, Baker Hughes reported that US drillers added eight oil rigs in the week ended 19 May, bringing the total count to 720.
In the Asian session, at GMT0300, the pair is trading at 50.82, with the Crude Oil trading 0.89% higher from Friday’s close.
The pair is expected to find support at 49.93, and a fall through could take it to the next support level of 49.04. The pair is expected to find its first resistance at 51.3, and a rise through could take it to the next resistance level of 51.78.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
